Why Do Staffing Agencies Need Crime Coverage?

The ideal staffing solutions will make sure that you and your agency are protected from all angles and against all possible causes of loss. This includes crime, which is a rising problem for staffing firms worldwide. Take a look at these numbers: $50 billion is stolen annually from U.S. businesses by employees, with seven percent of annual revenues lost to theft or fraud. It’s plain and clear to see the issue. Employee theft is a prevalent and costly problem, plaguing American and international staffing firms everywhere.

Over the last several years, there’s been numerous reports of increased crime exposures and activity from both management and employees. With the rise of technology and the internet comes much more exposures to crime. Even the F.B.I and the Department of Homeland Security have warned companies about the increase of use of computers to withdraw funds, securities and more. The solution is simple: crime coverage. What can this coverage do for your agency? Let’s take a look.

Crime Insurance Programs

Having a crime insurance program in place is absolutely key for a staffing agency. A crime insurance program does two things: protects the firm’s property and the client’s property. Crime can be as simple as theft or it can get as complicated as embezzlement. Whatever the case, the staffing insurance solutions is to have crime coverage. There’s first-party and third-party coverage available that protects the insured and their client from dishonest activities made by the insured employees. In all aspects, any business would benefit from having a crime policy.

Coverage Offered

Here at World Wide, we offer crime insurance for the staffing industry. Our coverage includes defense and legal liability, trade theft and security breach coverage. Expenses include kidnapping, unauthorized use of another person’s identity by an employee, or unauthorized use of the personal identity information of corporate officers or directors by other than an employee. Highlights include:

Coverage for first and third-party dishonest acts

Defense and legal liability

Loss sustained or Loss Discovered Form available

Expense coverage for security breach

Coverage for Insured or Client Trade Secrets (first and third-party)

Separate limits available for clients

Knowledge of claim is limited to corporate officer or risk manager

Coverage territory is worldwide for all named insureds domiciled in the USA

Coverage available for Fraudulent Impersonation (Social Engineering)

About World Wide Specialty Programs

For the last 50 years, World Wide Specialty Programs has dedicated itself to providing the optimal products and solutions for the staffing industry. As the only insurance firm to be an ASA commercial liability partner, we are committed to that partnership and committed to using our knowledge of the industry to provide staffing firms with the best possible coverage. For more information about Staffing Professional Liability Insurance or any other coverage, we have available to protect your staffing business, give us a call at (800) 245-9653 to speak with one of our representatives.